US consumer confidence at its highest in 5 years

The latest improvement in the US job market has resulted in a jump in the US consumer confidence, rising to 72.2.

The US consumer confidence is an important economic indicator, as consumer spending forms about 70% of the overall economic activity of the nation.

Last week, the US economy grew by annualized rate of 2% in the three months to September.

The unemployment rate hit 7.8%, its lowest last month since January 2009.

“Consumers were modestly more upbeat about their financial situation and the short-term economic outlook, and appear to be in better spirits approaching the holiday season,” said Conference Board’s Lynn Franco.